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When one thinks “luxury,” H&M is perhaps not the first brand to pop into one’s head, despite high-profile high fashion collaborations with Versace, Lanvin and most recently Marni. Well, all that might change as the fast fashion retailer is rumored to be planning a luxury brand all its own.

Dagens Industri, a Swedish financial rag, first  reported the story, claiming that H&M will offer a luxury brand more expensive than its high-end COS — Collection of Style — chain and helmed by Swedish designer Behnaz Aram.

A spokeswoman for H&M would neither confirm or deny the report, but stated, “We are constantly looking at new ideas; it’s a natural part of our work. However, there is nothing new that we can [talk] about for the moment.”

Which I think we all know means “yeah it’s happening, but keep it under your toup.”

Though luxury seems to go against everything H&M stands for, it would be the next logical step. And presumably their high end goods wouldn’t fall apart after three months. Do you think H&M can pull it off? [WWD]